Understanding the Loan Process
In order to purchase a loan, you need to know about loans.
You need to know the different loans to choose from, what
loan best meets your needs and what you can afford, as well
as what the loan process entails.
First, you should be familiar with a traditional loan process.
This standard process is what you will find with most lenders,
with maybe a slight variation or different order.
If you use a bank, it will usually take 40 days to process
your loan once you have selected it. If you go through a lender,
a Loan Officer in the branch office will pre-qualify you and
obtain all of the necessary documentation and information.
The Loan Officer will then mail or fax all of this paperwork
to the corporate headquarters.
There is then someone in the main office that goes over your
information, reviewing your background and your credit. If
this processor has any questions or needs more supporting
documents, that person will contact the branch office who
will relay the request to you. After you send the central
office all of the required documents and they have all been
approved, all of your information is sent to an underwriter.
An underwriter is usually anonymous to you. This person will
go over your file and decide to approve or disapprove you
for your requested loan. This person cannot be biased since
he or she has not met you and is most likely not located near
Once approved by the underwriter, a closer will put all of
the paperwork together and sends it all back to the local
branch office. Finally, a title company will close the loan.
As you can see, this is a very cyclical and bureaucratic process.
What is good news is that Countrywide Home Loans makes the
loan process so much easier for you! It will reduce the amount
of time to process your loan, making it well under the usual
40 days. It does not have an eternal chain of checks and balances
to scrutinize your application. Countrywide works to serve
you and get your loan to you as quickly and conveniently as
You can apply online or by phone and everything is taken
care of in one center. Countrywide offers more than 100 home
loans with quick approval and an even faster program for established
customers. All of these benefits make getting a loan and owning
a home easy with Countrywide.